Friday, August 21, 2009

WTI Heads for Fresh Highs in Final Move

The WTI has been moving up in a series of unlikely moves best counted as abc's. The most recent series began 7/12. It is composed of a series of abc's of lesser degree, the first went from 59.25 to 69.00 (followed by a .64 retrace), the second went from 62.75 on 7/28 to 72.80, roughly EQUAL to the first series. I believe WTI is cranking out the 3rd seies of abc'c , and if this current one is roughly equal to either of the first 2 than it puts the target at 74.85 to 75.35. Additionally the internal a=c of lesser degree targets 74.88. There are only 3 series of abc's of similar degree allowed in Elliott Theory. Not to mention the Long Term .382 retrace point at 76.30. All in all not much bang left for your buck in the long trade. Risk is HIGH to the downside. This move up from 32.50 IS corrective.

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